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What is taxable income
what is taxable income
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@ Meenakshi
Taxable income is the income of an individual or organization, minus any allowable tax deductions.
It is the amount of income an entity makes every year upon which the government levies taxes.
In simpler words, it is the amount of one's income which is subject to income tax.
Taxable income is the income of an individual or organization, minus any allowable tax deductions.
It is the amount of income an entity makes every year upon which the government levies taxes.
In simpler words, it is the amount of one's income which is subject to income tax.
1. It is the income for which tax rates are applies and final tax liability is determined.
2. Only income which are taxable are liable to be taxed.
Please correct me if the above solution has an alternative view.
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